On Dec. 21, the European Commission tightened controls on the inflow of cash and precious metals from outside of the EU. Describing its decision as a move to crackdown on terrorist financing, the Commission granted permission to border patrols to seize cash or gold brought in by suspects. Customs officials in EU states, as well as border controls, can seize and restrict the inflow of cash and precious metals without particular guidelines as to whom is suspected of terrorist financing or funding of militant attacks. Such ambiguity in the new proposals could potentially lead to the false confiscation of funds carried in by civilians coming into the EU. Individuals holding over $10,400 in cash must declare at EU state customs before entering a member state. If they fail to do so, individuals could be scrutinized by the newly proposed regulations. The EU executive Commission also stated in a note obtained by Reuters that authorities will be able to seize money below $10,400 upon their independent investigations and considerations. Potential regulations on other money transmission methods To date, cash and precious metals are the only two stores of value that the European Commission plans on regulating. The inflow of cash and …

The world’s largest Blockchain lending marketplace, BitLendingClub, has announced its sudden shutdown due to what it describes as regulatory pressure. The Bulgarian-registered startup has operated since 2014 and has funded almost 10 thousand loans worth in excess of $7 mln. Now, its operations are ceasing, with existing users retaining minimal functionality in order to move funds out. “We’ve worked extremely hard to build a platform and a community which is uniquely positioned to provide the Bitcoin ecosystem with a greatly needed service,” a blog post released today states. The company adds: “However, over the last year or so, the regulatory pressures has been increasing to the point that it is no longer feasible to maintain the operation of the platform. We are regretfully announcing that we will have to begin (sic) terminating the services effective immediately.” The functionality will begin to be reduced from next week. The burden of compliance The move reflects the continued difficulties faced by cryptocurrency-based finance startups with regards to legislation. While the EU has been fairly accommodating to disruptive finance overall, as witnessed in activity in the Netherlands, ensuring businesses conform to the requirements can overbearingly restrict functionality. BitLendingClub said the shutdown was part of the …

Recent events in Canada suggest its government could be well positioned to become an early mainstream adopter of Bitcoin. Thursday, Nov. 17 recorded the biggest attendance ever at the Toronto Bitcoin meet-up. Earlier on the same day was a meeting between Jason Cassidy, president at Crypto Consultant, who is quickly becoming a Bitcoin ambassador in Canada and the Ontario Securities Commission (OSC). The meeting was a move to work with the commission towards cryptocurrency legislation in Canada. He says: “Bitcoin and Blockchain awareness appears to be reaching a tipping point in Canada.” Everyone seems to be involved Cassidy explains that the increased interest in the world’s first truly decentralized digital currency seems not to be limited to enthusiasts and tech pioneers. The Government of Ontario is now taking an active role in helping to shape future legislation for Bitcoin and digital currencies, a trend that he says will become commonplace over the next few years as mainstream acceptance becomes a reality. Cassidy describes this development as groundbreaking steps in the right direction, as it opens the door for collaboration with various levels of government. “We are now at a point where, to grow the ecosystem further, we must work diligently …

The US government has called for the formation of a “responsible innovation” fintech department to spur the growth of emerging technologies including cryptocurrencies, the Blockchain technology and other financial technologies that could enhance existing financial systems. US regulatory body the Office of the Controller of the Currency (OCC), which previously expressed their optimism towards digital currencies and the Blockchain technology, is planning to launch three offices in Washington, New York and San Francisco led by a chief innovation officer. The 30th Comptroller of the Currency of the United States, Thomas J. Curry, stated: “The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly and promotes financial inclusion […] we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation.” Effect on Blockchain startups While it is still difficult to speculate the impact of the OCC’s plans on Bitcoin and alternative cryptocurrencies, it will hugely affect the operations of Blockchain and distributed ledger startups that are collaborating with banks and major financial institutions. The OCC states that the formation of a responsible innovation department will allow the organization to “identify, understand and respond to financial …

Yes, I’m talking to you. Yes, I’m talking about your country, whether it is Russia, China, or the United States. The more modern and advanced your economy, the faster it is coming your way. The discussions have been going on for a couple of years now on how to do it. The only question is when to spring it on the masses. If you are in a less than a state-of-the-art economy, like Pakistan or Guam, you probably have a lot more time left with the paper. Most of us aren’t so lucky. Cash has been on the clock in the most advanced nations for years, with central banks limiting how much cash you can get, even from your own account. Limits have been dropping to as low as 5000 units of paper in some nations, and even then you will have to surrender your ID or go through some level of interrogation. The future of money does not include paper, and here are four reasons why digital currencies will become your official national currency. Reason #1 – The best way to control a nation is to control its money supply Governments are all about control. Whether it is doling out …